Dominican Republic: Piano Market 2024

Piano Market Size in the Dominican Republic

In 2021, the Dominican piano market decreased by -9.7% to $X for the first time since 2018, thus ending a two-year rising trend. Over the period under review, consumption, however, posted a strong increase. Over the period under review, the market hit record highs at $X in 2020, and then shrank in the following year.

Piano Exports

Exports from the Dominican Republic

Piano exports from the Dominican Republic dropped sharply to X tons in 2021, reducing by -32.6% compared with the previous year. Overall, exports showed a slight curtailment. The most prominent rate of growth was recorded in 2016 when exports increased by 979%. Over the period under review, the exports attained the maximum at X tons in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

In value terms, piano exports fell dramatically to $X in 2021. Over the period under review, exports saw a drastic downturn. The pace of growth appeared the most rapid in 2016 with an increase of 558%. The exports peaked at $X in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

Exports by Country

The United States (X tons) was the main destination for piano exports from the Dominican Republic, accounting for a 39% share of total exports. Moreover, piano exports to the United States exceeded the volume sent to the second major destination, Mexico (X kg), twofold. Spain (X kg) ranked third in terms of total exports with a 16% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United States amounted to +18.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (-12.8% per year) and Spain (+33.0% per year).

In value terms, the largest markets for piano exported from the Dominican Republic were the United States ($X), Colombia ($X) and Haiti ($X), together comprising 64% of total exports. These countries were followed by Spain, Mexico, Honduras, Guatemala and Belgium, which together accounted for a further 18%.

Among the main countries of destination, Spain, with a CAGR of +33.9%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average piano export price amounted to $X per ton, growing by 3.3% against the previous year. Overall, the export price, however, showed a abrupt downturn. The most prominent rate of growth was recorded in 2017 an increase of 43% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was Colombia ($X per ton), while the average price for exports to Belgium ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Colombia (+33.4%), while the prices for the other major destinations experienced mixed trend patterns.

Piano Imports

Imports into the Dominican Republic

In 2021, purchases abroad of pianos and other keyboard stringed musical instruments decreased by -9.9% to X tons for the first time since 2018, thus ending a two-year rising trend. Over the period under review, imports, however, posted a buoyant increase. The growth pace was the most rapid in 2015 with an increase of 90% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2020, and then shrank in the following year.

In value terms, piano imports dropped to $X in 2021. In general, total imports indicated moderate growth from 2012 to 2021: its value increased at an average annual rate of +3.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +73.2% against 2018 indices. The most prominent rate of growth was recorded in 2015 with an increase of 94%. Imports peaked at $X in 2020, and then reduced in the following year.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of piano to the Dominican Republic, with a 72% share of total imports. Moreover, piano imports from China exceeded the figures recorded by the second-largest supplier, the United States (X tons), fourfold. The third position in this ranking was held by Japan (X tons), with a 6.2% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China stood at +21.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-2.1% per year) and Japan (-5.2% per year).

In value terms, China ($X) constituted the largest supplier of pianos and other keyboard stringed musical instruments to the Dominican Republic, comprising 65% of total imports. The second position in the ranking was held by Japan ($X), with a 17% share of total imports. It was followed by Indonesia, with a 10% share.

From 2012 to 2021, the average annual growth rate of value from China stood at +13.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+11.2% per year) and Indonesia (-1.7% per year).

Import Prices by Country

In 2021, the average piano import price amounted to $X per ton, approximately reflecting the previous year. Overall, the import price showed a pronounced decrease. The pace of growth appeared the most rapid in 2018 when the average import price increased by 29% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2013; however, from 2014 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Indonesia ($X per ton), while the price for the United States ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+106.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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